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Received 1099-R annuity payment, Box 1 and 2a taxable amount same as 1, 'Taxable amount not determined' is checked-what does that mean. Box 7=7. Is this taxable?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Box 1 and 2a same amount, but taxable amount not determined is checked? What does that mean? Box 7=7

TurboTax Deluxe Windows

Best answer by dmertz

A 7 in box 7 means that it's a normal distribution made to someone age 59½ or older.

If the IRA/SEP/SIMPLE box is also marked (as is suggested by box 2a equaling box 1 and box 2b Taxable amount not determined being marked), this is a Form 1099-R for a distribution from a traditional IRA. Your distributions from a traditional IRA are generally fully taxable unless you have made nondeductible contributions to your traditional IRAs, reported on a Form 8606 or some portion of the distribution is excludible from income as a result of you being over age 70½ and having made a Qualified Charitable Distribution, or if you made a one-time HSA Funding Distribution to fund an HSA contribution.

dmertzAnswer

Level 15

A 7 in box 7 means that it's a normal distribution made to someone age 59½ or older.

If the IRA/SEP/SIMPLE box is also marked (as is suggested by box 2a equaling box 1 and box 2b Taxable amount not determined being marked), this is a Form 1099-R for a distribution from a traditional IRA. Your distributions from a traditional IRA are generally fully taxable unless you have made nondeductible contributions to your traditional IRAs, reported on a Form 8606 or some portion of the distribution is excludible from income as a result of you being over age 70½ and having made a Qualified Charitable Distribution, or if you made a one-time HSA Funding Distribution to fund an HSA contribution.

dianneb0949Author

Level 2

Yes the IRA box is marked. Age under 70. All taxable. Thanks